THE EVOLUTION OF THE US WHEAT INDUSTRY Essay Example For Students

THE EVOLUTION OF THE US WHEAT INDUSTRY Essay The US wheat industry demonstrates how integration across the food chain can raise efficiency. At the beginning of the century, it was much like what India is today. It was fragmented, with a proliferation of small regional markets. There was no standard grading system; each state had its own informal grades. Farmers, although large, were exploited by traders, who often bought wheat at low prices by claiming that it was poor or that demand was weak. The storage, handling, and transport infrastructure was limited. The result was high intermediary margins, a dearth of accurate market signals to producers, waste, and low processing yields. Today, however, the US industry is the benchmark for efficiency in grain processing and procurement. Its farmers produce 36 bushels per acre, one of the highest yields in the world, and its millers achieve flour extraction levels of 75 percent. We will write a custom essay on THE EVOLUTION OF THE US WHEAT INDUSTRY specifically for you for only $16.38 $13.9/page Order now Its average waste level of 2 percent is the lowest in the world, and well ahead of the 8 to 11 percent in India.Large, integrated grain processors such as Cargill and Archer Daniel Midland (ADM) played a central role in this transformation. They have influenced all parts of the chain agricultural inputs, agricultural production, procurement, and processing and in so doing have been able to build profitability in a low-margin business. Agricultural inputs Cargill has developed high-yielding seed varieties that are resistant to disease and pests, raising productivity and reducing the need for agrochemicals. Agricultural production Large, integrated processors have established joint ventures with farmers cooperatives and provided marketing support, access to credit, and extension services. ADM, for example, works with Growmark, a cooperative of 175,000 farmers, to encourage them to use better seed varieties and improve farming practices. Procurement Integrated companies have invested in upstream infrastructure to streamline procurement. ADM owns almost 200 grain elevators in which grain is stored according to moisture content, grade, and dockage (impurities). The elevators allow incoming streams of wheat to be blended to achieve uniformity of grade and functional characteristics. ADM also owns almost 1,900 barges, 800 trucks, and 130,000 railcars for the rapid movement of grain. All loading and unloading is done using pneumatic blowers. Investment in infrastructure enables companies like ADM to achieve waste levels as low as 1 to 2 percent. Integrated companies have also influenced grain marketing. They played a key role in the development of grading systems and the standardization of grades in 1916. They have since provided continuous feedback to government agencies to ensure grading systems have kept pace with changes in grain production. They have also been important in the development of grain trading markets, which have helped stabilize grain prices and assisted the industry in managing risk. Processing Finally, these companies have influenced processing by raising yields. Continuous improvement in milling technology has pushed extraction rates as high as 75 percent, while process controls have enabled millers consistently to produce more than ten types of flour. This not only means that the market grows and consumers are more satisfied, but also results in better returns to farmers. Wheat farmers in the United States get 92 percent of the delivered mill price, compared with 70 percent for their Indian counterparts.

James Ensors Intrigue Essays

James Ensors Intrigue Essays James Ensors Intrigue Essay James Ensors Intrigue Essay When I first looked at The Intrigue by James Ensor, I knew that it would be the painting that I did my research paper on. Before entering the museum, I was thought that it would be very difficult for me to write a 5 page paper on one work of art but after stepping into the Minneapolis Institute of Art, I changed my mind immediately. There were so many beautiful works there that, at first, I was overwhelmed. I was really glad that we decided to go to the MIA at the last minute. We were going to go to the Walker, but, The MIA is free and I haven’t been there in a long time. We walked through the Middle Eastern art section first, which was ok, but not really my taste. Then we got into more of the modern works of art and some of them were pretty interesting. That is when I saw the Intrigue for the first time. My girlfriend thought it was really ugly. I thought that it was beautiful. I thought it was really cool how there were so many different characters in the painting. I also liked how the characters looked strange and a little frightening. I thought the background about the painting was very interesting as well, but I will get into that later. First I would like to share a little about the life and time of James Ensor. Piper 2 Baron James (Sidney Eduard) Ensor was a Belgian artist who lived from 1860-1949. (Wikipedia 2010) He spent almost his whole life in his home town Ostend Belgium and he was trained as a painter in Brussels. He Joined a group called Les XX (The 20). The Les XX brought in works from contemporary French artists into Brussels and fought for more artistic freedom. His early works used dimmer colors and were more of the realist style. (The Art of Being Human 152)Many of his later works have depictions of skeletons, masks, phantoms and demons. He was a cynical man who became more so with age. I would say that he was a rebel of his time. He hated the socialite culture of Belgium and showed it through his works. His works were negatively criticized plunging him deeper into withdrawal from society and he became a recluse. He saw Impressionists as â€Å"superficial daubers†. That being said, he was still very concerned with the effects of light. Ensor’s works have been categorized as Symbolism, Expressionism, Realism, and Surrealism. (A Beginners Guide to the Humanities 10) You can’t really put him into one category but if you had to he would be an Expressionist. One of his most famous works, The Entry of Christ into Brussels (1888), was a very controversial work in his time. He depicted Christ riding into Brussels on an ass and a crowd greeting him as he rode in. He wanted the people in the crowd to look materialistic and the upper class to look like they were trying to make a buck off the deal. There were socialist banners and advertisements for mustard all around. This piece includes his masks such as the clown, a skeleton, a witch, and a fraud. It is a very busy Piper 3 work with much to be analyzed. The people in the bottom right corner seem to be conspiring. Not even his group, Les XX, would exhibit it and continued to reject his controversial work. Ensor’s only contact with the outside world was through his art, much like Van Gogh. His dark feelings can be seen in his works. Even his still life and landscapes have been said to have a foreboding quality filled with Ensor’s sadistic, erotic and painful vision. The Intrigue was painted in 1911 in Ostend, Belgium. This is oil on canvas. The scale of this painting is rather large, 35 7/16 x 59 1/16. The shape is rectilinear with straight strokes throughout the painting. The lines are vertical, horizontal and diagonal. There are many colors in this painting, from the light blue of the sky, to the bright green of the woman’s dress. His use of reds in contrast to the green is also notable. He uses pinks for the faces and details them with blotchy reds and red lips. He also uses yellows and different shades of brown. The composition is fairly symmetrical left and right and the characters seem to be either standing still or moving forward. The use of light in this painting to me is well balanced with some light reflecting off of the faces and the man’s hat. The pattern in this piece is that every one is wearing masks which are very symbolic but I will get into this later. The unity comes from the faces of the people and I think a finishing touch is the Skull like demon representing death in the left side. Piper 4 The subject in this painting is the engagement of Ensor’s sister to a Chinese art trader from Berlin, Germany. (Artsnet Minnesota 2010) It shows the small minded towns people ridiculing her with racial hatred and prejudice. They are pointing and laughing at her. The woman in the foreground looks like she is holding a Chinese doll and pointing and laughing. The others are safely hidden in their masks laughing and making fun of the couple. This was a big scandal at the time in such a small town where interracial marriages were not accepted as they are today. There is a lot of symbolism in this painting. The masks symbolize different things. The masks of His sister, Mariette and Tan Hee Tseu (Minneapolis Institute of Art) protect them from the crowd while the masks of the tormenters allow them to say what they will without fear of retribution. (Artsnet Minnesota 2010) They symbolize the ugliness of the hearts of the people who are viciously attacking the couple. The depiction of the skull like figure on the left side symbolizes death. The thick paint in the sky symbolizes turmoil and doom. The psychological aspect of this painting is to show us the injustice faced by his sister and to make us part of the painting. It almost feels like the people are pointing and teasing you when you look at it because of how it bring you in to the painting. The death figure is to try to instill fear into you in this painting and the odd masks are kind of terrifying. It is meant to be a scary painting that is shocking and make you think about the injustice these people faced. Piper 5 Ensor had a disgust for the inhumanity in the world. He despised the aristocratic society and the socialist government. His paintings show the ugliness of people and how greedy we can be. I think that he felt that life was really unfair and was sad that people treated others the way that they did. I really feel bad for him. Even his own group abandoned him and wouldn’t show his work. I believe that is why he became a recluse. As for my own thoughts on this painting, I loved it. It really inspired me to look at more art. I like the style of the artist and his thick brush strokes that seem to have excess paint on them. It is a very textural painting. It looks like it was painted with a lot of anger and distain. I think that my favorite character in this painting is the guy on the far right with the yellow hat on. He is very strange looking and has a detached jaw. I really would like to know what the inspiration was to paint this character. He has a very strange look on his face like he isn’t quite sure that he likes what he is doing or that he is regretful. I think that the hat he is wearing makes me wonder if he might be a farmer. He doesn’t look like any of the other people in this picture which makes me wonder why. The other characters I like in this painting are the guy who is in the back left. He looks like he is holding a cape open and is giving us a very menacing look. I would almost say he looks like a vampire. I also like the guy below him he looks a little like a troll and is wearing a strange horned hat. He seems to be breathing something out which I have determined is laughter. Piper 6 I think that the most interesting aspect to this work of art is the skeletal image painted in the same color as the sky. I almost missed it the first time I looked at the painting. It is a really frightening looking skull making a fist. The eyes grip you with terror. I think that it is a warning to the people that bad things will happen to them. Maybe it is a wish by Ensor that they will go to hell or be taken to their death for their inhumane treatment of others. Piper 7 1. Bishop, Phillp E. A Beginner’s Guide to The Humanities. Upper Saddle River, NJ: Prentice Hall 2010. Print 2. Janaro, Richard and Thelma Altshuler. The Art of Being Human. New York: Pearson Longman. Print 3. Minneapolis Institute of Art, Minneapolis, MN 2010. Print 4. Artsnet Minnesota. James Ensor Intrigue, About the Art. Web. 2010 5. Wikipedia. James Ensor. Web. 2010

Coppin State University Admission Requirements, Tuition

Coppin State University Admission Requirements, Tuition Coppin State University Admissions Overview: To apply, students will need to send in a completed application, high school transcripts, and scores from either the SAT or ACT. A campus visit and tour are not required, but are strongly encouraged. Students interested in Coppin State should check out the schools website, and are welcome to contact the admissions office with any questions. Will You Get In? Calculate Your Chances of Getting In  with this free tool from Cappex Admissions Data (2016): Coppin State University Acceptance Rate: 40%Test Scores 25th / 75th PercentileSAT Critical Reading: 380 / 450SAT Math: 380 / 460SAT Writing: - / -What these SAT numbers meanACT Composite: 15  / 18ACT English: 15 / 20ACT Math: 15  / 18What these ACT numbers mean Coppin State University Description: Coppin State University occupies a 52-acre urban campus in West Baltimore, Maryland. The university has easy access to public transportation and the rest of the city. Undergraduates can choose from 53 Bachelors degree programs. Academics at Coppin are supported by a strong 14 to 1 student / faculty ratio. Coppin is a historically black university and part of the University System of Maryland. The majority of Coppin students come from the greater Baltimore area, and the university is heavily involved in the local community. In 1998 Coppin became the only university in the country to manage a public school when it took over Rosemont Elementary School. Coppin also operates a community medical clinic. On the athletic front, the Coppin State Eagles compete in the NCAA Division I  Mid-Eastern Athletic Conference  (MEAC). Popular sports include basketball, softball, bowling, tennis, track and field, and cross country. Enrollment (2016): Total Enrollment: 2,939  (2,507 undergraduates)Gender Breakdown: 23% Male / 77% Female75% Full-time Costs (2016 - 17): Tuition and Fees: $7,438  (in-state); $13,168 (in-state)Books: $800 (why so much?)Room and Board: $9,752Other Expenses: $3,386Total Cost: $21,376  (in-state); $27,106 (out-of-state) Coppin State University Financial Aid (2015- 16): Percentage of New Students Receiving Aid: 92%Percentage of New Students Receiving Types of AidGrants: 86%Loans: 65%Average Amount of AidGrants: $9,473Loans: $5,906 Academic Programs: Most Popular Majors:  Business Administration, Criminal Justice, Liberal Arts and Sciences, Nursing, PsychologyWhat major is right for you?  Sign up to take the free My Careers and Majors Quiz at Cappex. Transfer, Graduation and Retention Rates: First Year Student Retention (full-time students): 61%Transfer Out Rate: 23%4-Year Graduation Rate: 6%6-Year Graduation Rate: 17% Intercollegiate Athletic Programs: Mens Sports:  Baseball, Tennis, Track and Field, Basketball, Cross CountryWomens Sports:  Bowling, Softball, Cross Country, Volleyball, Tennis, Track and Field, Basketball Data Source: National Center for Educational Statistics If You Like Coppin State, You May Also Like These Schools: Towson University: Profile | GPA-SAT-ACT GraphForstburg State University: Profile  Clark Atlanta University: Profile | GPA-SAT-ACT GraphMorgan State University: Profile  Temple University: Profile | GPA-SAT-ACT GraphNorth Carolina Central University: Profile  Virginia Union University: Profile  Norfolk State University: Profile  Delware State University: Profile  Hampton University: Profile | GPA-SAT-ACT Graph

Strategic Management Essay Example | Topics and Well Written Essays - 3000 words

Strategic Management - Essay Example Till now, the organisation has more than 240 aircrafts serving over 33 million passengers (British Airways-a, 2009). In the 2009, the company has earned a revenue amount of ?8,992 million (British Airways-b, 2009). As in the year 2009, the company has employed more than 40000 people. Since its privatisation back in the year 1987, the company has experience a continual growth with intensified competition across the globe. The Airways Company has marked its significant presence through being the first airline to contribute to reduce the greenhouse emissions. The company has also been the first to allow its passengers to get the online boarding passes. In the recent downturn British Airways has experienced enough slowdown in the passenger traffic. Despite of the fact, it can be anticipated that British Airways would be able to grow with appropriate framing of strategies and required guidelines to move towards successful strategic direction. This report discusses both the macro and micro environments of British Airways. The internal analysis of the company includes an analysis of the company’s strengths, weaknesses, threats and opportunities with an insight into the financial analysis of the company. At the end, recommendations have been provided with a discussion of the present strategies. A conclusion has been inferred from the analysis with an effort to have a better idea of the strategic management of British Airways. Macro-Environment Analysis Porter’s Five Force Analysis â€Å"The economic structure of an industry is not an accident. Its complexities are the result of long-term social trends and economic forces† (Ehmke, Fulton & Akridge, n.d., p.1). â€Å"Porter’s Five Forces provides a convenient framework for exploring the economic factors that affect the pro?ts and prices of an industry† (Australian School of Business, n.d., p.1). Threat of New Entrants The Airline industry demands a considerable amount of capital as in s et up and large investment. Till sometime back, the probability of new entrants used to be quite low. However, with the increased easiness in the loan and credit accessibility, it can be expected that an increasing number of companies may enter into the business. If the borrowing is cheap, this can pose as a major challenge for the existing airlines with intensified competition to make the market saturated (Investopedia, n.d.). However, that does not imply that the entry is going to be easy in this industry. As the industry demands huge investment in the fixed assets, there exists a considerable amount of exit barriers. Factors like competitive environment, high regulation requirements and high capital requirements are significant barriers to entry. The services in this industry considerably differentiated with increasing degrees of quality, customer service and convenience. The company is a famous airlines company which also operates in alliance in the international routes, which w ould be tough for the new entrants to be into international alliance. So, the entry barrier is high in this industry. Bargaining Power of the Suppliers The airline companies do not have enough choices in case of their

Interest Groups and Their Role in American Politics Research Paper

Interest Groups and Their Role in American Politics - Research Paper Example A particular example of an interest group is the organization SAGE (Service and Advocacy for Gay, Lesbian, Bisexual and Transgender Elders). . It is the largest and oldest organization in America devoted to promoting the welfare of LGBT senior citizens and make sure that their voices do not get lost in a cacophony of voices. SAGE formed itself in 1978 not only to deliver services to LGBT elders in New York City but also to push for policy reforms at the national level, and provides technical assistance to similarly-minded groups all over the country. It is not however a simple issue of sterile technical assistance. Considering the historical marginalization of LGBT communities and their susceptibility to the hate agenda of conservative groups, SAGE employs a radical organizing component as well (Reisch, 2005: 288) – that is to say, â€Å"the replacement of oppressive institutions, conditions, systems and practices with ones that reflect principles of justice, equity and respe ct for human diversity.† SAGE works in tandem with other organizations in order to further the shared goal. After all, theirs is a shared commitment towards addressing the needs and uplifting the well-being of LGBT elderly and pushing for equality and tolerance, regardless of age differences. It is through the consolidation of their voices that change can be sought and demands can be made to reform policies or introduce new ones. Coupled with this, SAGE is also following the strategy of pushing for their advocacy on three levels: city/local, state and federal level. This is a sound strategy in that it acknowledges that policy is generated in multiple fulcrums of power an if one is to push an agenda, then pressure tactics must be applied on the multiple fulcrums and not just one one. While interest groups are in theory a crucial component in any thriving democracy, many have criticized how some interest groups have created adverse effects in the American political terrain. Sust ein (1985: 29) writes: The dissatisfaction takes various forms, but many of the concerns have a common root in the problems produced by the existence of interest groups, or â€Å"factions†, and their influence over the political process. The scheme is challenged on the grounds that it allows powerful private organizations to block necessary government action; that the lawmaking process has been transformed into a series of accommodations among competing elites, and that the rise of a large bureaucracy exercising broad discretionary power has undermined original constitutional goals by circumventing the safeguards of separation

The Life and Presidency which were ended Essay Example for Free

The Life and Presidency which were ended Essay He was the first American President to be born in the twenty-first century. He became the first American President of Roman Catholic religion. At the age of 43, he was the youngest man ever to assume the seat of the chief executive of the United States of America. He was also the youngest ever president to die while his term as president has not yet ended. On the afternoon of the 22nd day of November 1963, an assassin bullet killed the then President John Fitzgerald Kennedy (Rabe 63). It marked the end of his young life as well as his term in office which he was only able to serve for two years and ten months. The rest of the world mourned his sudden death. Members of royalty, premiers, and presidents attended his funeral. The then Vice President Lyndon B. Johnson assumed the presidency following his assassination (Barnes 8). It was his New Frontier program that earned him the edge to ultimately succeed in the presidential race (Schlesinger). Kennedy represented the Democratic Party. The then Vice President Richard M. Nixon of the Republican Party was his opponent (Scott 290). Kennedy earned international respect as the leader of the Free World (Barnes 60). By the year 1962, Kennedy significantly augmented the country’s prestige the moment he prevented a nuclear war from happening. This move forced the Soviets to pull out missiles from Communist Cuba (Rabe 4). It also signed the start of the period of â€Å"thaw† during the Cold War while relationships between the country and the Soviet Union grew friendlier. During the year 1963, a treaty prohibiting underwater and or above the ground nuclear weapons testing was signed by the both countries counting as well over a hundred other nations. On the domestic scene however, the country enjoyed the highest peak of its wealth during this point in time. The demands of the people of color for civil rights produced major domestic crises. However, the people of color were able to achieve more significant developments in their pursuit for equal rights than ever before since the Civil War. The first manned space expedition by Americans happened during President Kennedy’s term of office. The National Aeronautics and Space Administration also geared up to send astronauts to the moon during this time (Schlesinger 920). Kennedy’s Political Career Several Democratic leaders believed that Kennedy possessed quite a lot of weaknesses as a presidential aspirant. According to them, one of Kennedy’s major disadvantages as a presidential candidate was his faith. Among the other potential weaknesses include the presidential aspirant’s relative inadequate experience in dealing with international affairs, the Kennedy family’s wealth, as well as John F. Kennedy’s youth. Some members of the Democratic Party opposed Kennedy for the reason that they deemed that the presidential aspirant is too conservative. The presidential campaign of 1960 was quite a hard-fought battle. Kennedy and his opponent, Nixon were both spirited and young campaigners. Initially, most experts assumed that Kennedy’s opponent would be held victor of the election (Barnes 69). Nixon earned the advantage of serving as Eisenhower’s Vice President (Barnes 33). It is important to take into consideration that Eisenhower was an extraordinarily popular President. Nonetheless, John F. Kennedy was not as anonymous as some people consider him to be. His beautiful wife, Jackie, his affluence, and his good looks caused him to become a popular subject of magazine and broadsheet articles. His exposures in television have also been of great help to his political career. His four debates opposite Vice President Nixon were aired on television during that time (Barnes 75). The debates they had signaled the start of presidential aspirants arguing about campaign issues confronting each other (Author #). The debates Kennedy and Nixon had helped the former in gaining nationwide recognition. Kennedy’s self-confidence aided in his response to criticisms that he lacked the maturity required for assuming the chief executive position in the country. Kennedy as President He was inaugurated to the highest seat in government on the 20th day of January 1961 (Schlesinger 120). When Kennedy assumed the responsibility of the federal government, he was confronted by internal problems which include a slow-moving economy, unemployment, and augmented racial tensions. Moreover, in terms of international relations, Kennedy dealt with the ongoing spread of Communist influence as well as the threat of nuclear warfare (Barnes 105). His program called the New Frontier went on a slow start. However, the 87th Congress eventually started passing actions supported by the Kennedy government (Schlesinger 1081). The Congress endorsed the aid to economically depressed areas in April of 1961. In the following month, they allowed an increase in the minimum wage per hour from a dollar to a dollar and twenty five cents. They approved Kennedy’s Trade Expansion Act in September of 1962. It gave Kennedy extensive authority to reduce tariffs in order for the country to engage in a free trade with the European Common Market (Schlesinger 844). The United States Peace Corps was one of the most successful programs of his administration (Rabe 5). The corps deployed thousands of Americans overseas to aid the citizens in developing countries to improve their standards of living. The President restructured the country’s defense strategies by increasing standard military hardware. Kennedy sought to be equipped for non-nuclear warfare as well as to exert all possible efforts to prevent the use of nuclear weapons of destruction (Schlesinger 825). One of the chief domestic concerns during his term as president was the demands of the people of color for equal rights. With the intention to meet the rising demands of the people of color, the President called on the Congress to ratify a legislation which would require restaurants, motels, and hotels to admit customers regardless of race (Spencer 29). Furthermore, Kennedy likewise called on the Congress to give the authority to the attorney general to start court suits to desegregate academic institutions on behalf of private citizens who were not able to begin taking legal actions on their own (Spencer 30). His Assassination and his Legacy On the fateful day of November 22, 1963, while their motorcade traveled along the streets of Dallas, the President was assassinated through a series of fatal gun shots which took his life (Spencer 5). The President arrived at Dallas along with the First Lady, Vice President Lyndon B. Johnson and Mrs. Johnson. The primary goal of their visit was to settle the tension in the Texas Democratic Party prior to the 1964 Presidential campaign wherein the President considered running for a second term. The group passed through the streets of Dallas in Texas in a motorcade as they head to the Dallas Trade Mart. The motorcade approached an expressway at the final leg of the trip at around 12. 30 in the afternoon (Barnes 136). All of a sudden, three gun shots were heard as President Kennedy fell down after the bullets stroke his neck and head. The doctors who attended on the wounded President did their best in a desperate attempt to save his life. However, the doctors said that the President had no chance of survival the moment he was brought to the hospital. The untimely demise of the spirited and youthful President stunned the rest of the world. The legacy of his short-lived term as chief executive of the county is one of hope instead of an enduring achievement. He assumed the highest position in the country at a time that is regarded to be one of the most dangerous periods in American history. Nonetheless, although he may have had a frequently turbulent term in office, it still remained vibrant. Ultimately, however, his legacy was one that is emotional. Kennedy’s legacy is a nostalgic commemoration of his short term presidency at a time when a new generation was in control and the country had an utterly glamorous and a well-renowned head of state. Perhaps, it is America’s version of Camelot. Although it was not for real, it is enough to cling onto until the divisiveness and unattractiveness set in (Rabe 6). The debate over the legacy of Kennedy as a chief executive and as a person remains unabated. To most of his fellow men and women, particularly those who came of age during his term of office, a sense of lost idealism and nostalgia continues to linger upon him. In recent times, however, revisionist historians have stressed his defects – the manner in which he and his brother, Robert bended the law while serving government positions by means of wiretapping and intimidating their political opponents, his numerous affairs and willingness to conceal the truth behind his health condition from his fellow men and women, the level to which his political career was sustained by his father’s wealth and influence, and his international relations policy errors in the Bay of Pigs and Vietnam (Schlesinger 293). A fair evaluation of his presidency is supposed to acknowledge his shortcomings at the same time credit his unquestionable achievements. Kennedy may have made a huge mistake in the Bay of Pigs. Nonetheless, he was able to prevent a nuclear warfare happening between the Soviets and Communist Cuba and parlayed his detente into notable agreements like the nuclear test-ban treaty. Kennedy may have failed to meet expectations in terms of affording the same civil liberties enjoyed by whites. Still, his instrumental support for the people of color was significant in their struggle in opposition to segregation. On one hand, there are those who claim that if the assassination of Kennedy had not taken place, he may have done the same mistakes in Vietnam which eventually pulled his successor down (Rabe 148). On the other hand, there are those who claim that Kennedy had an ability to rise to occasion in crucial moments, initially as a war hero and ultimately as the chief executive of the United States (Barnes 13). Perhaps most notably, by means of his rhetoric to unify the nation as well as by mean of his programs such as the Peace Corps, Kennedy inspired a generation of Americans in a manner that very few chief executives who have ever served the country were able to do during their term of office (Rabe 5). Having done so, Kennedy very well deserves the respect and admiration afforded to him. Controversy as well as mystery lingers around his death. There are those who regard his assassination as a horrible incident which signaled the end of the public innocence and marked the start of the social and political turmoil usually associated to the 1960s (Spencer 5). Even though Kennedy’s life and presidency ended all of a sudden, he was still able to leave behind a valuable political and personal legacy to his people and to the rest of the world. During his period, not everyone was enthusiastic about his actions as a President. Kennedy was looking forward that his trip to Dallas would strengthen relations between his government and the powerful, mostly Republican traditionalists who reside there. Even though he was very much aware of the opposition many of the locals there have towards him, Kennedy still had faith in the power of connecting with and reaching out with the residents and the political figures of that particular city in Texas (Spencer 6). No one could have thought the President’s trip to the city would end in a tragic way. His death permanently changed the way in which succeeding presidents mingle with, and is protected from the public. He was shot to death while he was sitting in a convertible car with the top down. From then on, no other chief executive of the nation sat in a vehicle which is not protected with a bulletproof shield (Spencer 6). The moment he was shot to death, presidential assassination is not considered to be a federal crime (Spencer 6). Thus, the police force of the city headed the investigation of the crime. Eventually, it was made clear that crimes of such magnitude could require the involvement of federal agents like those working for the Central Intelligence Agency as well as the Federal Bureau of Investigation (Spencer 7). Kennedy’s death likewise signaled significant technological as well as cultural changes in the country. News aired on television came of age reporting about his assassination as well as the events which followed thereafter. The arrest as well as the eventual murder of his suspected assassin, Lee Harvey Oswald was also aired on television (Spencer 7). The eternal legacy of his death may be something that is not certain. Nonetheless, he embodied a youthful optimism and dynamism which inspired not only his fellow men and women but people from all around the world too. He has the power, the wealth, and the youth. He kept his commitment to equality and freedom while serving his country and his people. As the chief executive, John Fitzgerald Kennedy was able to establish a public image greatly appealing to much of America. He inspired in many of his fellow men and women strong idealism and optimism, and he appeared prepared to carry the country out of one of the most challenging period in its history. Kennedy’s term as president and his young life may have been suddenly concluded by bullet shots from a gun, reducing not only his native country but the rest of the world as well in a period of great grief. His death was definitely tragic. Even so, it generated the impact of amplifying as well as reinforcing his legacy. Although Kennedy’s moments of presidential brilliance were interrupted by occasions of uncertainty, he is nonetheless cherished and respected by most people. How much greater he could have achieved, how farther he could have reached had his life not ended in an untimely death are among the most provoking inquiries that can never be given definite answers. Works Cited Barnes, John A. John F. Kennedy on Leadership: The Lessons and Legacy of a President. New York: AMACOM Division of American Management Association, 2005. Rabe, Stephen G. The Most Dangerous Area in the World: John F. Kennedy Confronts Communist Revolution in Latin America. North Carolina: UNC Press, 1999. Schlesinger, Arthur Meier. A Thousand Days. Massachusetts: Houghton Mifflin Harcourt, 2002. Scott, Peter Dale. Deep Politics and the Death of JFK. California: University of California Press, 1996. Spencer, Lauren. The Assassination of John F. Kennedy. New York: The Rosen Publishing Group, 2002.

Overview of Women’s History in Korea Essays -- Culture Asia Essays

Overview of Women’s History in Korea In modern day Korea, women are actively involved in many career fields, such as education, law, literature, sports, medicine, and engineering. However, it wasn’t too long ago that women were confined only to the home and family. The introduction of Christianity to Korea helped elevate women’s roles through schools ran by missionaries. Some were even specifically for educating women. (Korean Overseas Information Service, 2001) Many of the educated women began getting involved in religious work, teaching, the arts, and of course, the enlightening of other women. But it wasn’t until the establishment of the Republic of Korea in 1948, when women began gaining constitutional rights for equal opportunities in the work force, education, and public life. The economic growth that Korea has experienced at this time, and even today has contributed to the large amount of women going into the work force. The high amount of women in the work force, in professional jobs influenced the government to pass the â€Å"Equal Employment Act† of 1987 to prevent discrimination against females regarding hiring practices and promotion opportunities. However, with this added freedom, many Korean women feel highly pressured because they are burdened with both earning a living and their traditional roles as housewives. Modern Korean women are facing both physical and mental exhaustion due to the demands of society and their families. Add to that, childcare is a major problem in Korea. Although laws have been passed to promote the employment of women, and facilities for childcare should be provided, the reality is that childcare is sadly lacking. Recently, the government further suppo... ... capitalistic industrialization established of the 1960’s on the other.† (Chung, 1997) In other words, due to Confucius beliefs, women have not experienced total freedom in their private or public lives. Yet overtime, things will improve for Korean women due to the recent legislation set up to help further strengthen their roles in the workforce, education, and hopefully, in their private lives as well. Resources: 1. Women’s Contemporary Roles in Korea. Retrieved from the Internet on September 15, 2003. (http://www.askasia.org/Korea/r15) 2. Nugent, Sookja Chung. Korean Women’s History- An Overview. Korean Quarterly. (Fall, 1998). 3. (http://www.womeninworldhistory.com/heroine7.html) 4. Chung, Connie. Korean Society and Women: Focusing on the Family (1997). (http://www.hcs.harvard.edu/~yisei/backissues/spring_95/yisei_95_30.html)

Articles 1817-1841

Art. 1817. Any stipulation against the liability laid down in the preceding article shall be void, except as among the partners. Stipulation eliminating liability. If there is a stipulation exempting any of the partners from liability to third persons, such stipulation is void as to third person but valid among the partners. Art. 1818.Every partner is an agent of the partnership for the purpose of its business, and the act of every partner, including the execution in the partnership name of any instrument, for apparently carrying on in the usual way the business of the partnership of which he is a member binds the partnership, unless the partner so acting has in fact no authority to act for the partnership in the particular matter, and the person with whom he is dealing has knowledge of the fact that he has no such authority.An act of a partner which is not apparently for the carrying on of the business of the partnership in the usual way does not bind the partnership unless authoriz ed by the other partners. Except when authorized by the other partners or unless they have abandoned the business, one or more but less than all the partners have no authority to: (1)Assign the partnership property in trust for creditors or on the assignee’s promise to pay the debts of the partnership; (2)Dispose of the goodwill of the business; (3)Do any other act which would make it impossible to carry on the ordinary business of a partnership; (4)Confess a judgment; 5)Enter into a compromise concerning a partnership claim or liability; (6)Submit a partnership claim or liability to arbitration; (7)Renounce a claim of the partnership. No act of a partner of contravention of a restriction on authority shall bind the partnership to persons having knowledge of the restriction. Mutual agency rule. Each partner is acting as a principal on his own behalf, and as an agent for his co-partners or the firm. Instances when a partnership is bound. a. )When he is expressedly or impliedly authorized. b. When he acts in behalf and in the name of the partnership. Art. 1819. Where title to real property is in the partnership name, any partner may convey title to such property by a conveyance executed in the partnership name; but the partnership may recover such property unless the partner’s act binds the partnership under the provisions of the first paragraph of Article 1818, or unless such property has been conveyed by the grantee or a person claiming through such grantee to a holder for value without knowledge that the partner, in making the conveyance, has exceeded his authority.Where title to real property is in the name of the partnership, a conveyance executed by a partner, in his own name, passes the equitable interest of the partnership, provided the act is one within the authority of the partner under the provisions of the first paragraph of Article 1818.Where title to real property is in the name of one or more but not all the partners, and the record does not disclose the right of the partnership, the partners in whose name the title stands may convey title to such property, but the partnership may recover such property if the partners’ act does not bind the partnership under the provisions of the first paragraph of Article 1818, unless the purchaser of his assignee, is a holder for value, without knowledge.Where the title to real property is in the name of all the partners, a conveyance executed by all the partners passes all their rights in such property. Registration of real property belonging to the partnership. a. )Partnership b. )All of the partners c. )One, some, or not all of the partners d. )One, some, or not all of the partners in trust for the partnership e. )Third person in trust for the partnership Effect of conveyance of real property of the partnership.The effect of conveyance of real property owned by the partnership depends in whose name the property is registered and conveyed. The conveyance made by a pa rtner in the name of the registered owner passes title to the property. However, if the conveyance is made in any other manner and not in the name of the registered owner, it is only the equitable interest of the partnership that is transferred provided the conveyance is in the ordinary course of business. In legal parlance, equitable interest of beneficial nterest refers to â€Å"all interest which the partnership had, except the title†. Art. 1820. An admission or representation made by any partner concerning partnership affairs within the scope of his authority in accordance with this Title is evidence against the partnership. Admission after dissolution. Admission made after dissolution of the partnership binds the partnership only if necessary to wind up the business. Where the admission is not for the winding up of partnership affairs, it does not affect the partnership.An admission made by a former partner, made after he has retired from the partnership, is not an evide nce against the firm. Art. 1821. Notice to any partner of any matter relating to partnership affairs, and the knowledge of the partner acting in the particular matter, acquired while a partner or then present to his mind, and the knowledge of any other partner who reasonably could and should have communicated it to the acting partner, operate as notice to or knowledge of the partnership, except in the case of a fraud on the partnership, committed by or with the consent of that partner. Art. 1822.Where, by any wrongful act or omission of any partner acting in the ordinary course of the business of the partnership or with the authority of his co-partners, loss or injury is caused to any person, not being a partner in the partnership, or any penalty is incurred, the partnership is liable therefore to the same extent as the partner so acting or omitting to act. Liability of partnership for torts of partners. a. )The wrongful act or omission is committed in the ordinary course of the bus iness of the partnership, or if not, the act or omission was made with the consent or authority of the other partner; b. That the loss or injury is caused to a person who is not a partner in the partnership. When the partnership and the other partners are not liable. a. )If the wrongful act or omission was not done within the scope of the partnership business and for its benefit, or with the authority of the co-partners. b. )Act or omission was not wrongful. c. )If the wrongful act or omission was committed after the partnership had been dissolved and the same was not in connection with the process of winding up. Art. 1823.The partnership is bound to make good the loss: (1)Where one partner acting within the scope or his apparent authority receives money or property of a third person and misapplies it; and (2)Where the partnership in the course of its business receives money or property of a third person and the money or property so received is misapplied by any partner while it is in the custody of the partnership. Art. 1824. All partners are liable solidarily with the partnership for everything chargeable to the partnership under Articles 1822 and 1823. Art. 1825.When a person, by words spoken or written or by conduct, represents himself, or consents to another representing him to anyone, as a partner in an existing partnership or with one or more persons not actual partners, he is liable to any such person to whom such representation has been made, who has, on the faith of such representation, given credit to the actual or apparent partnership, and if he has made such representation or consented to its being made in a public manner he is liable to such person, whether the representation has or has not been made or communicated to such person so giving credit by or with the knowledge of the apparent partner making the representation or consenting to its being made: (1)When a partnership liability results, he is liable as though he were an actual member of th e partnership; (2)When no partnership liability results, he is liable pro rata with the other persons, if any, so consenting to the contract or representations as to incur liability, otherwise separately. When a person has been thus represented to be a partner in an existing partnership, or with one or more persons not actual partners, he is an agent of the persons consenting to such representation to bind them to the same extent and in the same manner as though he were a partner in fact, with respect to persons who rely upon the representation. When all the members of the existing partnership consent to the representation, a partnership act or obligation results; but in all other cases it is the joint act or obligation of the person acting and the persons consenting to the representation. Estoppel.It is a preclusion in law, which prevents a man from alleging or denying a fact, in consequence of his own previous act, allegation or denial of a contrary tenor. Partners by estoppel dis tinguished from partnership by estoppel. When a person represents himself as a partner in an existing partnership without the knowledge or consent of the partners, and because of such misrepresentation a third person is misled and acts because of such misrepresentation, the deceiver is a partner by estoppel. If the partnership and the partners consented to the misrepresentation, and a partnership liability results, there is a partnership by estoppel, with the original members and the deceiver as partners.If the partnership or the partners had not consented, no partnership liability results, but the deceiver is still considered a partner by estoppel with all the obligations but not the rights of a partner. Art. 1826. A person admitted as a partner into an existing partnership is liable for all the obligations of the partnership arising before his admission as though he had been a partner when such obligations were incurred, except that this liability shall be satisfied only out of pa rtnership property, unless there is a stipulation to the contrary. Liability of newly admitted partner for obligations of the partnership. a. )Obligations incurred before admission. A newly admitted partner is liable for obligations of the partnership incurred before his admission to the firm.Such liability is limited to his capital contribution, unless otherwise agreed. b. )Obligations incurred after admission. If the obligation incurred after his admission, all partners, the original and the new partner shall be liable to the extent of their separate property in satisfying such obligation of the partnership. Creation of a new partnership. The admission of a new partner in an existing partnership dissolves the old firm and creates a new one. However, the creditors of the old firm shall continue to be creditors of the new firm. Art. 1827. The creditors of the partnership shall be preferred to those of each partner as regards the partnership property.Without prejudice to this right, the private creditors of each partner may ask the attachment and public sale of the share of the latter in the partnership assets. CHAPTER 3 DISSOLUTION AND WINDING UP Art. 1828. The dissolution of a partnership is the change in the relation of the partners caused by any partner ceasing to be associated in the carrying on as distinguished from the winding up of the business. Dissolution, winding-up, termination defined. Dissolution – is the change in the relation of the partners caused by any partner ceasing to be associated in carrying out the business. Winding-up – is the process of settling business affairs after dissolution. Termination – is the point in time after all the partnership affairs have been settled. Art. 1829.On dissolution the partnership is not terminated, but continues until the winding up of partnership affairs is completed. Effect of dissolution. After dissolution, the authority of a partner to bind the partnership is thereby terminated, exc ept those necessary to wind-up partnership affairs The Civil Code expressly provides that upon dissolution, the partnership continues and its legal personality is retained until the complete winding up of its business, culminating in its termination. Art. 1830. Dissolution is caused: (1)Without violation of the agreement between the partners: (a)By the termination of the definite term or particular undertaking specified in the greement; (b)By the express will of any partner, who must act in good faith, when no definite term or particular undertaking is specified; (c)By the express will of all the partners who have not assigned their interests or suffered them to be charged for their separate debts, either before or after the termination of any specified term or particular undertaking; (d)By the expulsion of any partner from the business bona fide in accordance with such a power conferred by the agreement between the partners; (2)In contravention of the agreement between the partners , where the circumstances do not permit a dissolution under any other provision of this article, by the express will of any partner at any time; (3)By any event which makes it unlawful for the business of the partnership to be carried on or for the members to carry it on in partnership; (4)When a specific thing, which a partner had promised to contribute to the partnership, perishes before the delivery; in any case by the loss of the thing, when the partner who contributed it having reserved the ownership thereof, has only transferred to the partnership the use or enjoyment of the same; but the partnership shall not be dissolved by the loss of the thing when it occurs after the partnership has acquired the ownership thereof. (5)By the death of any partner; (6)By the insolvency of any partner or of the partnership; (7)By the civil interdiction of any partner; (8)By decree of court under the following article. (1700 and 1701a) Art. 1831.On application by or for a partner, the court sh all decree dissolution whenever: (1)A partner has been declared insane in any judicial proceeding or is shown to be of unsound mind; (2)A partner becomes in any other way incapable of performing his part of the partnership contract; (3)A partner has been guilty of such conduct as tends to affect prejudicially the carrying on of the business; (4)A partner willfully or persistently commits a breach of the partnership agreement, or otherwise so conducts himself in matters relating to the partnership business that it is not reasonably practicable to carry on the business in partnership with him; (5)The business of the partnership can only be carried on at a loss; (6)Other circumstances render a dissolution equitable; On the application of the purchaser of a partner’s interest under Article 1813 or 1814: (1)After the termination of the specified term or particular undertaking; (2)At anytime if the partnership was a partnership at will when the interest was assigned or when the cha rging order was issued. Art. 1832.Except so far as may be necessary to wind up partnership affairs or to complete transactions begun but not then finished, dissolution terminates all authority of any partner to act for the partnership: (1)With respect to the partners, (a)When the dissolution is not by the act, insolvency or death of a partner; or (b)When the dissolution is by such act, insolvency or death of a partner, in cases where Article 1833 so requires; (2)With respect to persons not partners, as declared in Article 1834. Effects of dissolution. When the partnership is dissolved, the authority of a partner to bind the partnership is thereby terminated, except those necessary to wind up partnership affairs.Hence, contracts and obligations previously entered into, whether the firm is the creditor or debtor, remain to exist. Art. 1833. Where the dissolution is caused by the act, death or insolvency of a partner, each partner is liable to his co-partners for his share of any liabi lity created by any partner acting for the partnership as if the partnership had not been dissolved unless: (1)The dissolution being by act of any partner, the partner acting for the partnership had knowledge of the dissolution; or (2)The dissolution being by the death or insolvency of a partner, the partner acting for the partnership had knowledge or notice of the death or insolvency. Art. 1834.After dissolution, a partner can bind the partnership, except as provided in the third paragraph of this article: (1)By any act appropriate for winding up partnership affairs or completing transactions unfinished at dissolution; (2)By any transaction which would bind the partnership if dissolution had not taken place, provided the other party to the transaction; (a)Had extended credit to the partnership prior to dissolution and had no knowledge or notice of the dissolution; or (b)Though he had not so extended credit, had nevertheless known of the partnership prior to dissolution, and, having no knowledge or notice of dissolution, the fact of dissolution had not been advertised in a newspaper of general circulation in the place (or in each place if more than one) at which the partnership business was regularly carried on.The liability of a partner under the first paragraph, no. 2, shall be satisfied out of partnership assets alone when such partner had been prior to dissolution: (1)Unknown as a partner to the person with whom the contract is made; and (2)So far unknown and inactive in partnership affairs that the business reputation of the partnership could not be said to have been in any degree due to his connection with it. The partnership is in no case bound by any act of a partner after dissolution: (1)Where the partnership is dissolved because it is unlawful to carry on the business, unless the act is appropriate for winding up partnership affairs; or (2)Where the partner has become insolvent; or 3)Where the partner has no authority to wind up partnership affairs; except by a transaction with one who – (a)Had extended credit to the partnership prior to dissolution and had no knowledge or notice of his want of authority; or (b)Had not extended credit to the partnership prior to dissolution, and, having no knowledge or notice of his want of authority, the fact of his want of authority has not been advertised in the manner provided for advertising the fact of dissolution in the first paragraph, no. 2 (b). Nothing in this article shall affect the liability under Article 1825 of any person who after dissolution represents himself or consents to another representing him as a partner in a partnership engaged in carrying on business. Art. 1835.The dissolution of the partnership does not of itself discharge the existing liability of any partner. A partner is discharged from any existing liability upon dissolution of the partnership by an agreement to that effect between himself, the partnership creditor and the person or partnership continuing the business; and such agreement may be inferred from the course of dealing between the creditor having knowledge of the dissolution and the person or partnership continuing the business. The individual property of a deceased partner shall be liable for all obligations of the partnership incurred while he was a partner, but subject to the prior payment of his separate debts. Art. 1836.Unless otherwise agreed, the partners who have not wrongfully dissolved the partnership or the legal representative of the last surviving partner, not insolvent, has the right to wind up the partnership affairs, provided however, that any partner, his legal representative or his assignee, upon cause shown, may obtain winding up by the court. Art. 1837. When dissolution is caused in any way, except in contravention of the partnership agreement, each partner, as against his co-partners and all persons claiming through them in respect of their interests in the partnership, unless otherwise agreed, may hav e the partnership property applied to discharge its liabilities, and the surplus applied to pay in cash the net amount owing to the respective partners.But if dissolution is caused by expulsion of a partner, bona fide under the partnership agreement and if the expelled partner is discharged from all partnership liabilities, either by payment or agreement under the second paragraph of Article 1835, he shall receive in cash only the net amount due him from the partnership. When dissolution is caused in contravention of the partnership agreement the rights of the partners shall be as follows: (1)Each partner who has not caused dissolution wrongfully shall have: (a)All the rights specified in the first paragraph of this article, and (b)The right, as against each partner who has caused the dissolution wrongfully, to damages for breach of the agreement. 2)The partners who have not caused the dissolution wrongfully, if they all desire to continue the business in the same name either by the mselves or jointly with others, may do so, during the agreed term for the partnership and for that purpose may possess the partnership property, provided they secure the payment by bond approved by the court, or pay to any partner who has caused the dissolution wrongfully, the value of his interest in the partnership at the dissolution, less any damages recoverable under the second paragraph, no. 1 (b) of this article, and in like manner indemnify him against all present or future partnership liabilities. (3)A partner who has caused the dissolution wrongfully shall have: (a)If the business is not continued under the provisions of the second paragraph, no. , all the rights of a partner under the first paragraph, subject to liability for damages in the second paragraph, no. 1 (b), of this article. (b)If the business is continued under the second paragraph, no. 2, of this article, the right as against his co-partners and all claiming through them in respect of their interests in the pa rtnership to have the value of his interest in the partnership, less any damage caused to his co-partners by the dissolution, ascertained and paid to him in cash, or the payment secured by a bond approved by the court, and to be released from all existing liabilities of the partnership; but in ascertaining the value of the partner’s interest the value of the goodwill of the business shall not be considered. Art. 1838.Where a partnership contract is rescinded on the ground of the fraud or misrepresentation of one of the parties thereto, the party entitled to rescind is, without prejudice to any other right, entitled: (1)To a lien on, or right of retention of, the surplus of the partnership property after satisfying the partnership liabilities to third persons for any sum of money paid by him for the purchase of an interest in the partnership and for any capital or advances contributed by him; (2)To stand, after all liabilities to third persons have been satisfied, in the place of the creditors of the partnership for any payments made by him in respect of the partnership liabilities; and (3)To be indemnified by the person guilty of the fraud or making the representation against all debts and liabilities of the partnership. Art. 1839. In settling accounts between the partners after dissolution, the following rules shall be observed, subject to any agreement to the contrary: (1)The assets of the partnership are: a)The partnership property (b)The contributions of the partners necessary for the payment of all the liabilities specified in no. 2. (2)The liabilities of the partnership shall rank in order of payment, as follows: (a)Those owing to creditors other than partners. (b)Those owing to partners other than for capital and profits. (c)Those owing to partners in respect of capital. (d)Those owing to partners in respect of profits. (3)The assets shall be applied in the order of their declaration in no. 1 of this article to the satisfaction of the liabilities . (4)The partners shall contribute, as provided by Article 1797, the amount necessary to satisfy the liabilities. 5)An assignee for the benefit of creditors or any person appointed by the court shall have the right to enforce the contributions specified in the preceding number. (6)Any partner on his legal representative shall have the right to enforce the contributions specified in no. 4, to the extent of the amount which he has paid in excess of his share of the liability. (7)The individual property of a deceased partner shall be liable for the contributions specified in no. 4. (8)When partnership property and the individual properties of the partners are in possession of a court for distribution, partnership creditors shall have priority on partnership property and separate creditors on individual property, saving the rights of lien or secured creditors. 9)Where a partner has become insolvent or his estate is insolvent, the claims against his separate property shall rank in the fo llowing order: (a)Those owing to separate creditors; (b)Those owing to partnership creditors; (c)Those owing to partners by way of contribution. Share of industrial partner out of surplus. A partner who contributes no capital, but only services is not entitled to any share in the firm capital on dissolution, but is limited to his share in profits as compensation for his services. Art. 1840. In the following cases creditors of the dissolved partnership are also creditors of the person or partnership continuing the business: (1)When any new partner is admitted into an existing partnership, or when ny partner retires and assigns (or the representative of the deceased partner assigns) his rights in partnership property to two or more of the partners, or to one or more of the partners and one or more third persons, if the business is continued without liquidation of the partnership affairs; (2)When all but one partner retire and assign (or the representative of a deceased partner assigns ) their rights in partnership property to the remaining partner, who continues the business without liquidation of partnership affairs, either alone or with others; (3)When any partner retires or dies and the business of the dissolved partnership is continued as set forth in nos. and 2 of this article, with the consent of the retired partners or the representative of the deceased partner, but without any assignment of his right in partnership property; (4)When all the partners or representatives assign their rights in partnership property to one or more third persons who promise to pay the debts and who continue the business of the dissolved partnership; (5)When any partner wrongfully causes a dissolution and the remaining partners continue the business under the provisions of Article 1837, second paragraph, no. 2, either alone or with others, and without liquidation of the partnership affairs; (6)When a partner is expelled and the remaining partners continue the business either alo ne or with others without liquidation of the partnership affairs. The liability of a third person becoming a partner in the partnership continuing the business, under this article, to the creditors of the dissolved partnership shall be satisfied out of the partnership property only, unless there is a stipulation to the contrary.When the business of a partnership after dissolution is continued under any conditions set forth in this article the creditors of the dissolved partnership, as against the separate creditors of the retiring or deceased partner or the representative of the deceased partner, have a prior right to any claim of the retired partner or the representative of the deceased partner against the person or partnership continuing the business, on account of the retired or deceased partner’s interest in the dissolved partnership or on account of any consideration promised for such interest or for his right in partnership property. Nothing in this article shall be hel d to modify any right of creditors to set aside any assignment on the ground of fraud. The use by the person or partnership continuing the business of the partnership name, or the name of a deceased partner as part thereof, shall not of itself make the individual property of the deceased partner liable for any debts contracted by such person or partnership. Art. 1841. When any partner retires or dies, and the business is continued under any of the conditions set forth in the preceding article, or in Article 1837, second paragraph, no. , without any settlement of accounts as between him or his estate and the person or partnership continuing the business, unless otherwise agreed, he or his legal representative as against such person or partnership may have the value of his interest at the date of dissolution ascertained, and shall receive as an ordinary creditor an amount equal to the value of his interest in the dissolved partnership with interest, or at his option, or at the option of his legal representative, in lieu of interest, the profits attributable to the use of his right in the property of the dissolved partnership; provided that the creditors of the dissolved partnership as against the separate creditors, or the representative of the retired or deceased partner, shall have priority on any claim arising under this article, as provided by Article 1840, third paragraph. When right to accounting accrues. The right to an accounting accrues on the date of dissolution in the absence of contrary agreement. Persons entitled to accounting. a. )Any partner. b. )Legal representative of a partner. Against whom right is exercised. a. )Winding up partner. b. )Surviving partner. c. )The person or partnership continuing the business.

Financial Analysis of Paint Industry

Financial Reporting Analysis Paint Industry (Asian Paints) Financial Reporting Analysis of Paint Industry (Asian Paints) CONTENTS Profitability Ratios †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 3 Operating Profit Margin †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 3 Industry Comparison †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Gross Profit Margin †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 4 Industry Comparison †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 4 Net Profit Margin†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 5 Industry Comparison †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Earnings per share †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 6 Industry Comparison †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 6 PERFORMANCE RATIO †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 7 Price/Earnings Ratio †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Industry Comparison †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 7 Return on Capital Employed †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 8 Industry Comparison †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 8 DEBT COVERAGE RATIO †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Interest Coverage Ratio †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 9 Industry Comparison †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 9 LIQUIDITY AND SOLVENCY RATIO †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 10 Current Ratio †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 0 Industry Comparison †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 10 Quick Ratio †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 11 Industry Comparison †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 11 ACTIVITY RATIO †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 2 Inventory Turnover Ratio †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 12 Industry Comparison †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 12 3 – Step Du Pont Analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 13 Asian Paints †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 3 Berger Paints †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 13 Kansai Nerolac †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 14 Akzo Nobel†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 15 CONCLUSION †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 15 Page | 2Financial Reporting Analysis of Paint Industry (Asian Paints) PROFITABILITY RATIOS OPERATING PROFIT MARGIN Operating margin is a measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc. When looking at operating margin to determine the quality of a company, we look at the change in operating margin over time to compare the company's yearly or quarterly figures to those of its competitors. If a co mpany's margin is increasing, it is earning more per dollar of sales. The higher the margin, the better is the performance of the company.Operating Margin = Operating Income/Net Sales INDUSTRY COMPARISON 2011-12 2010-11 2009-10 2008-09 2007-08 Asian Paints 16. 81 17. 57 19. 24 13. 16 15. 83 Berger Paints 10. 61 10. 21 10. 45 8. 43 10. 08 Kansai Nerolac 12. 3 12. 88 14. 55 10. 7 14. 24 Akzo Nobel 6. 65 11. 00 12. 33 11. 89 10. 60 25 20 2011-12 15 2010-11 2009-10 10 2008-09 2007-08 5 0 Asian Paints Berger Paints Kansai Nerolac Akzo Nobel The graphs show a higher value for Asian Paints as compared to its competitors. The reason for this is the high income earned for every sale concluded. However, the ratio for all the companies is dropping over the years.Akzo Nobel has shown a sharper decline than all the others, which implies lesser income. The profit margin of the company has declined and hence OM has also declined. Page | 3 Financial Reporting Analysis of Paint Industry (Asian Paint s) GROSS PROFIT MARGIN A company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage. The gross margin represents the percentage of total sales revenue that the company retains after incurring the direct costs associated with producing the goods and services sold by a company.The higher the percentage, the more the company retains on each dollar of sales to service its other costs and obligations. Gross Margin (%)= (Revenue-Cost of Sales) / Revenue INDUSTRY COMPARISON Asian Paints 15. 61 16. 14 18. 11 11. 90 14. 62 Berger Paints 9. 19 8. 77 8. 88 7. 08 8. 69 Kansai Nerolac 10. 24 10. 70 12. 11 8. 16 11. 23 Akzo Nobel 4. 77 9. 21 10. 29 9. 53 8. 18 2011-12 2010-11 2009-10 2008-09 2007-08 20 18 16 14 12 10 8 6 4 2 0 14. 62 11. 9 18. 11 16. 14 15. 61 Percentage (%) 12. 11 10. 7 10. 24 11. 23 7. 08 8. 88 8. 77 9. 19 8. 16 8. 18 9. 53 10. 29 9. 21 Akzo Nobel 8. 69 Asian Paints Kansai NerolacBerger Paints 2008 2009 2010 2011 20 12 ? The gross profit margin percentages (GPMs) are almost constant over the years for all the four companies. Asian Paints has greater GPM than others as, being the largest company both in terms of the balance sheet and the market share; it enjoys huge economies of scale. This guarantees lower costs as compared to the competitors. ? Akzo Nobel’s GPM has dipped drastically from FY11 to FY12 and that is because of increase in the expenses. These expenses were mainly on account of hiring (employee expenses) that the company did during the financial year 2012. 4. 77 Page | 4Financial Reporting Analysis of Paint Industry (Asian Paints) NET PROFIT MARGIN The ratio of net profits to revenues for a company or business segment – typically expressed as a percentage – that shows how much of each dollar earned by the company is translated into profits. Net margins can generally be calculated as: Net Margins = Net Profit/Revenue Where Net Profit = Revenue-COGS-Operating Exp enses – Interest and Taxes INDUSTRY COMPARISON Asian Paints 2011-12 2010-11 2009-10 2008-09 2007-08 11. 38 11. 61 14. 29 7. 97 10. 28 Berger (%) 6. 61 6. 99 7. 02 5. 79 6. 79 Paints Kansai Nerolac 7. 86 9. 03 9. 04 6. 58 9. 00 Akzo Nobel 9. 60 14. 8 15. 00 31. 6 6. 30 35 30 25 20 15 10 5 0 Asian Paints Berger Paints Kansai Nerolac Akzo Nobel 2011-12 2010-11 2009-10 2008-09 2007-08 ? Net margins will vary from company to company, and certain ranges can be expected from industry to industry, as similar business constraints exist in each distinct industry. ? Here, the values are falling for all the companies, and all of them have more or less similar values. This implies that the NPM is similar for all companies. Page | 5 Financial Reporting Analysis of Paint Industry (Asian Paints) EARNINGS PER SHARE The portion of a company's profit allocated to each outstanding share of common stock.Earnings per share serve as an indicator of a company's profitability. When calculating, it is more accurate to use a weighted average number of shares outstanding over the reporting term, because the number of shares outstanding can change over time. EPS= (Net Income – Dividends on Preferred Stock) /Average Outstanding Shares INDUSTRY COMPARISON Asian Paints 2011-12 2010-11 2009-10 2008-09 2007-08 99. 92 80. 81 80. 74 37. 78 39. 12 Berger RS 5. 12 4. 29 3. 47 2. 78 2. 89 Paints Kansai Nerolac 40. 06 38. 22 61. 42 36. 59 44. 46 Akzo Nobel 54. 79 47. 94 43. 25 77. 38 15. 69 120 100 80 60 40 20 0 39. 12 37. 78 80. 74 80. 81 99. 92 44. 46 36. 9 61. 42 38. 22 40. 06 Asian Paints Kansai Nerolac 2. 89 Berger Paints 2. 78 3. 47 4. 29 5. 12 2008 2009 2010 15. 69 Akzo Nobel 2011 ? The shares of Berger paints have a Face Value of Rs. 2, hence it has a larger number of shares. On the other hand, Asian Paints has Face Value of Rs. 10 therefore it has smaller number of shares. This implies that the EPS of Berger Paints is less than Asian Paints. ? Asian Paints has the best figures in spite of adjustment of EPS. A better comparison of the EPS can be done with adjusted EPS, as it gives realistic numbers. Hence for comparing, we can multiply the EPS of Berger Paints by 5 and then compare.Also Berger paints has been the most consistent competitor throughout 5 year with steady increase in EPS. 77. 38 43. 25 47. 94 54. 79 2012 Page | 6 Financial Reporting Analysis of Paint Industry (Asian Paints) PERFORMANCE RATIOS PRICE/EARNINGS RATIO The price by earnings ratio is a valuation ratio of a company's current share price compared to its per-share earnings. A high P/E suggests that investors are expecting higher earnings growth in the future compared to companies with a lower P/E. Price Earnings ratio = (Market Value per Share) / (Earnings per Share) INDUSTRY COMPARISON 2011-12 2010-11 2009-10 2008-09 2007-08Asian Paints 31. 91 31. 35 25. 59 20. 96 30. 06 Berger Paints 20. 09 19. 86 16. 83 12. 59 12. 58 Kansai Nerolac 22. 52 21. 3 9. 92 5. 58 8. 03 Akzo Nobel 14. 64 1 6. 31 13. 85 5. 39 39. 74 45. 00 40. 00 35. 00 30. 00 25. 00 20. 00 15. 00 10. 00 5. 00 0. 00 Asian Paints Kansai Nerolac Berger Paints 8. 03 5. 58 9. 92 30. 06 20. 96 25. 59 31. 35 31. 91 21. 30 22. 52 12. 59 16. 83 19. 86 20. 90 39. 74 12. 58 Akzo Nobel 2008 2009 2010 2011 5. 39 ? A high P/E value implies future expectation of the markets from the shares of the company is high. Very high PE(price to Earning) implies an overpriced share in the market. High ROCE(Return on Capital Employed) with low PE implies that company is doing well and the price of shares will rise in future. Berger Paints in this regard stands out because it has efficiently managed the input raw material fluctuations very well. ? Asian Paints has the highest ROCE in the industry for FY12, as it is the market leader as well. Page | 7 13. 85 16. 31 14. 64 2012 Financial Reporting Analysis of Paint Industry (Asian Paints) RETURN ON CAPITAL EMPLOYED A ratio which indicates the efficiency and profitability of the ca pital investments by a company.ROCE should always be higher than the rate at which the company borrows; otherwise any increase in borrowing will reduce shareholders' earnings. ROCE = EBIT / (Total Assets – Current Liabilities) INDUSTRY COMPARISON 2011-12 2010-11 2009-10 2008-09 2007-08 Asian Paints 52. 24 55. 73 62. 84 49. 35 57. 32 Berger Paints 25. 88 26. 2 26. 64 18. 48 22. 9 Kansai Nerolac 27. 02 27. 3 26. 8 25. 4 28. 1 Akzo Nobel 17,36 14. 17 12. 94 11. 57 13. 04 70 60 50 40 30 20 10 0 57. 32 49. 35 62. 94 55. 73 52. 24 22. 9 18. 48 26. 64 26. 2 25. 88 25. 43 26. 78 27. 36 27. 02 28. 01 Asian Paints Kansai Nerolac Berger Paints 008 2009 2010 ? If (Return on Capital Employed) ROCE is high and Price to Earning is low (i. e. , it is share is available cheaply), the share is recommended. This is because the company is utilizing its capital well and the price is lower as compared to the earnings. ? Asian Paints has had a phenomenal growth in this regard. It has been very effi ciently utilizing the capital employed. This factor has been one of the distinguishing factors clearly making it market Leader. 13. 04 11. 57 12. 94 14. 17 17. 36 Akzo Nobel 2011 2012 Page | 8 Financial Reporting Analysis of Paint Industry (Asian Paints)DEBT COVERAGE RATIOS INTEREST COVERAGE RATIO A ratio used to determine how easily a company can pay interest on outstanding debt. The interest coverage ratio is calculated by dividing a company's earnings before interest and taxes (EBIT) of one period by the company's interest expenses of the same period. INDUSTRY COMPARISON 2011-12 2010-11 2009-10 2008-09 2007-08 Asian Paints 50. 66 74. 05 74. 27 55. 04 69. 73 Berger Paints 15. 14 17. 99 36. 62 8. 33 10. 28 Kansai Nerolac 340. 78 310. 54 196. 02 75. 24 112. 68 Akzo Nobel 64. 18 103. 00 116. 55 38. 29 33. 68 400 350 112. 68 75. 24 196. 02 300 250 200 69. 73 55. 4 74. 27 74. 05 50. 66 150 100 50 0 Asian Paints Products 310. 54 340. 7 Kansai Nerolac Berger Paints 8. 33 36. 62 17. 99 15 . 14 10. 28 2008 2009 2010 33. 68 38. 29 Akzo Nobel 2011 ? For Kansai Nerolac, the debt has drastically reduced from 1. 23 to 0. 09Cr in FY11-12. Therefore a very drastic drop in Interest coverage Ratio is seen for FY12. Though Akzo Nobel has no long term debt, it the short liabilities are the reason which leads to the interest expenses. ? Also, Berger Paints has seen its interest expenses increase by 50% and debt coverage ratio high indicating that it has higher interest payables.This implies that it has taken huge debts, the reason for which might be for expansion, as the other ratios for the company do not point to any problems in its earnings capability Page | 9 116. 55 103 64. 18 2012 Financial Reporting Analysis of Paint Industry (Asian Paints) LIQUIDITY AND SOLVENCY RATIOS CURRENT RATIO The current ratio, also known as liquidity ratio, is used to give an idea of the company's ability to pay back its short-term liabilities (debt and payables) with its short-term assets (cash, inventory, receivables). The higher the current ratio, the more capable the company is of paying its obligations.A ratio under 1 suggests that the company would be unable to pay off its obligations if they came due at that point. While this shows the company is not in good financial health, it does not necessarily mean that it will go bankrupt – as there are many ways to access financing – but it is definitely not a good sign. Current Ratio = Current Assets/ Current Liabilities INDUSTRY COMPARISON 2011-12 2010-11 2009-10 2008-09 2007-08 Asian Paints 1. 07 0. 93 0. 89 1. 13 0. 99 Berger Paints 1. 44 1. 43 1. 57 1. 34 1. 15 Kansai Nerolac 1. 67 1. 518 1. 44 1. 47 1. 866 Akzo Nobel 1. 09 0. 85 0. 73 0. 79 0. 81 . 52 1. 66 2 1. 8 1. 6 0. 99 1. 13 0. 89 0. 93 1. 07 1. 4 1. 2 1 0. 8 0. 6 0. 4 0. 2 0 Asian Paints 1. 88 1. 3 1. 15 1. 34 1. 57 1. 43 1. 44 1. 53 Kansai Nerolac Berger Paints 2008 2009 2010 ? Paint industry player have typically very healthy CR ranging between 1 a nd 2. There are very few chances of their facing an insolvency problem. ? Asian Paints’ current assets have seen an increase of about 50% and Current liabilities increase by about 25%, thus leading to a greater increase in its CR from FY11 to FY12. Major increase was due to increase in cash and inventory levels compared to Asian Paints ?Akzo Nobel has experienced a huge increase in inventory production improvement and hence its figures have improved. Page | 10 0. 81 0. 79 0. 73 0. 85 1. 09 Akzo Nobel 2011 2012 Financial Reporting Analysis of Paint Industry (Asian Paints) QUICK RATIO An indicator of a company's short-term liquidity. The quick ratio measures a company's ability to meet its shortterm obligations with its most liquid assets. It is more conservative than the current ratio, as the current ratio often overestimates the company’s ability to repay its short term obligations. The higher the quick ratio better is the position of company.It is also known as the â €Å"acid-test ratio† or the â€Å"quick assets ratio†. Quick Ratio = (Current Assets – Inventories – Prepaid Expenses)/Current Liabilities INDUSTRY COMPARISON Asian Paints 0. 57 0. 34 0. 38 0. 59 0. 47 Berger Paints 1. 10 0. 99 0. 88 1. 10 1. 08 Kansai Nerolac . 84 . 74 . 79 . 99 1. 16 Akzo Nobel 0. 65 0. 48 0. 44 0. 48 0. 45 2011-12 2010-11 2009-10 2008-09 2007-08 1. 16 1. 4 1. 2 1 0. 59 0. 38 0. 34 0. 57 0. 8 1. 08 0. 79 0. 74 0. 84 1. 1 0. 88 0. 99 1. 1 0. 99 0. 6 0. 4 0. 2 0 Asian Paints Kansai Nerolac Berger Paints Akzo Nobel 2008 2009 2010 2011 ? The growth of QR has not been in line with the current ratio.The large variation for different companies is because of the huge levels of inventory (huge portion of CA). ? As compared to FY11, Asian paints inventory has increased by 20% in FY12. ? Berger paints and Kansai Nerolac figures are good, others might have issues in solvency as they have very low values of QR. 0. 48 0. 44 0. 48 0. 65 0. 47 0. 45 20 12 Page | 11 Financial Reporting Analysis of Paint Industry (Asian Paints) ACTIVITY RATIO INVENTORY TURNOVER RATIO Shows how many times a company's inventory is sold and replaced over a period. Number of days in Inventory holding i. e. (365/ Inventory Turnover Ratio), which is also directly proportional to the cost of handling inventory and should be as low as possible. Inventory Turnover Ratio = COGS / Closing Inventory INDUSTRY COMPARISON Asian Paints 7. 56 7. 08 7. 95 9. 8 8. 03 Berger Paints 5. 80 5. 87 6. 37 6. 64 5. 92 2011-12 2010-11 2009-10 2008-09 2007-08 Kansai Nerolac 6. 76 7. 17 8. 17 10. 08 9. 11 Akzo Nobel 6. 35 8. 73 11. 60 10. 20 8. 72 10 8 6 4 2 0 8. 03 9. 8 7. 95 7. 08 7. 56 12 9. 11 10. 08 8. 17 7. 17 6. 76 6. 64 6. 37 5. 87 5. 8 8. 72 10. 2 11. 6 8. 73 5. 92 Berger Paints Akzo Nobel 14 Asian Paints Kansai Nerolac 008 2009 2010 2011 2012 ? Berger paints is best in the industry, next comes Akzo Nobel and then Asian Paint. ? Sales of Akzo Nobel have increased by 70% , proportionately COGS and inventory has increased by 100%, and therefore we can observe a sharp dip in its ratio. 6. 35 Page | 12 Financial Reporting Analysis of Paint Industry (Asian Paints) 3 – STEP DU PONT ANALYSIS ? ROE = Operating efficiency * Asset Usage Efficiency * Financial Leverage ? ROE broken down into three components :†¢ Operating efficiency = Net Income / Sales †¢ Asset Use efficiency = Sales / Assets †¢ Financial Leverage = Assets / Net worthASIAN PAINTS 16 14 12 10 8 6 4 2 0 2007. 5 2008 2008. 5 2009 2009. 5 2010 2010. 5 2011 2011. 5 2012 2012. 5 Operating Efficiency Asset Usage Efficiency Financial leverage ? Operating efficiency has increased from 10. 28 in 2008 to 11. 38 in FY12. Due to higher input costs, this parameter has dipped slightly compared to last year. ? Asset Use efficiency has been improving because more and more assets are now productive that were procured in earlier years ? Financial Leverage has been flat throughout 5 years, meaning the company has largely relied on Cash or Equity rather than Debt to function.BERGER PAINTS 8 7 6 5 4 3 2 1 0 2007 2008 Operating Efficiency 2009 2010 2011 2012 2013 Asset Usage Efficiency Financial Leverage Page | 13 Financial Reporting Analysis of Paint Industry (Asian Paints) ? Operating efficiency has been varying from 6. 79 2008 to 6. 61 in FY12. Company has not been able to manage the profitability due to varying Crude oil prices. ? Asset Use efficiency has been improving because more and more assets are now productive that were procured in earlier years ? Financial Leverage has been declining throughout 5 years, which is beneficial to the company.KANSAI NEROLAC 10 9 8 7 6 5 4 3 2 1 0 2007 2008 2009 2010 2011 2012 2013 Operating efficiency Asset Usage Efficiency Financial Leverage ? Operating efficiency has been very volatile varying between from 9 in 2008 to 7. 86 in FY12. Company has not been able to manage the profitability due to varying Crude oil prices. ? Asset Use efficiency has the lowest amongst the peers that have been compared because company has not been investing in PPE Page | 14 Financial Reporting Analysis of Paint Industry (Asian Paints) AKZO NOBEL 35 30 25 20 15 10 5 0 2007 2008 2009 2010 2011 2012 2013

Syllabus - Tells You Everything You Need To Know About Your College Class

Syllabus - Tells You Everything You Need To Know About Your College Class When I first started college I had no idea what my professor meant when she said she was about to distribute the syllabus. Over the rest of that first day I came to understand that a syllabus is a guide to the course. Many students dont take advantage of the information provided in the syllabus to plan their semester. The syllabus contains all of the information you need to know regarding what is expected of you and what you need to do to prepare for each class. Heres what you will find on the syllabus distributed on the first day of class: Information about the Course Course name, number, meeting times, number of credits Contact Information The professor lists the location of his or her office, office hours (times that he or she is in the office and available for meeting with students), phone number, email, and website, if relevant. Plan to use a professors office hours to get the most out of class. Required Readings Textbook, supplemental books, and articles are listed. Books generally are available in the campus bookstore and sometimes are on reserve in library. Articles are sometimes offered for purchase in the book store, other times are on reserve in the library, and increasingly common, are available on a course or library webpage. Read before class to get the most out of class. Course Components Most syllabi list the items that compose your grade, for example, midterm, paper, and final, as well as the percent each item is worth. Additional sections often discuss each course component. You might find a section on exams, for example, that lists information about when they occur, what form they take, as well as the professors policy on making up exams. Pay particular attention to sections discussing papers and other written assignments. Look for information about the assignment. What are you expected to do? When is the final assignment due? Are you expected to consult the professor prior to beginning your paper or project? Is a first draft required? If so, when? Participation Many professors count participation as part of the grade. Often they will include a section in the syllabus describing what they mean by participation and how they assess it. If not, ask. Professors sometimes say that they simply record it and provide few details on how. If thats the case you might consider visiting during office hours in a few weeks to inquire about your participation, whether it is satisfactory, and whether the professor has any suggestions. Many times participation is used as a synonym for attendance and professors may list it in simply order to address students who do not show up for class. Class Rules/Guidelines/Policies Many professors provide guidelines for class behavior, often in the form of what not to do. Common items address the use of cell phones and laptops, tardiness, respecting others, talking in class, and attention. Sometimes guidelines for class discussions are included. In this section or sometimes a separate section, professors often will list their policies regarding late assignments and their make-up polices. Pay particular attention to these policies and use them to guide your behavior. Also recognize that you can shape professors impressions of you with appropriate class behavior. Attendance Policy Pay particular attention to the professors attendance policies. Is attendance required? How is it recorded? How many absences are permitted? Must absences be documented? What is the penalty for unexcused absences? Students who dont pay attention to attendance policies can be unexpectedly disappointed with their final grades. Course Schedule Most syllabi include a schedule listing due dates for reading and other assignments. Reading List Reading lists are particularly common in graduate classes. Professors list additional readings that are pertinent to the topic. Usually the list is exhaustive. Understand that this list is for reference. Professors likely will not tell you this, but they dont expect you to read the items on the reading list. If you have a paper assignment, however, consult these items to determine if any are of use. One of the simplest and best pieces of advice I can offer you as a student is to read the syllabus and make note of policies and deadlines. Most policy, assignment, and deadline questions I receive can be answered by, Read the syllabus - its in there. Professors dont always remind you of upcoming assignments and due dates. Its your responsibility to be aware of them and to manage your time accordingly. Take advantage of the course syllabus, an important guide to your semester.